Death is something inevitable, and you might think there’s nothing worse than it, but what about the economic hardship that your loved ones would face when you pass away. The system we’re part of is a fickle fate of politics, no one can anticipate who will end up on the wrong side of it, and one way or another, there is always going to be someone. Either way, there’s always a reason you need life insurance; it offers your family protection, it’s about your peace of mind and emotional spirituality.
Ø Term life insurance
Term insurance is something that you own for a specific term of time. The key differentiating factor between this and any other insurance is that for existing an abbreviated period, it is cost-effective and covers the main objectives of insurance. The term insurance policy comes into play only when the policyholder dies within the time frame in which the policy is bound.
Ø Whole life insurance
A whole life insurance policy, also termed as permanent life insurance, provides lifelong economic extent until the death of the policyholder. As it’s a long term program, death cover continues to widen with age. There’s a saving component which is called cash values that offer the most enormous benefits. Along with that, they require premium uptake, which you have to contentiously pay.
Ø Universal life insurance
Universal life insurance can be a permanent plan- accurately a blend of term and whole life insurance policy. ULI allows the insured to decide the number of premiums while assuming that approach will be in force. The plan offers an array of flexible payment plans when properly selected, funded, and managed, that provide significant benefits with key components to financial growth and prosperity.